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Owls fan group call time on Sheard
OWLS fan group Wednesdayite announced today that they have called time on Geoff Sheard.
They have withdrawn their offer to sell their 10 per cent stake in the club to him.
The organisation say that Sheard has not met the conditions attached when members voted to approve the sale in August, and satisfactory proof of funds - a key issue - has still not been received.
Wednesdayite reveal that a recent development was an indication that proof of funds lodged in a German bank would be given to them last week.
A statement by the group says it is "very disappointing" to report that the timescale has not been met and the proof of funds has not been received.
Wednesdayite say: "Much as we want to play our part in attracting investment into the club, we also have a duty to our members to be realistic and to keep them informed.
"We have tried at each stage to be open, co-operative and communicative and our members demonstrated through the ballot that Wednesdayite is not an obstacle to anyone who wishes to offer a meaningful solution to the club's problems.
"With regard to Geoff Sheard, we have always tried to give him the benefit of the doubt, but, given his inability to meet our conditions of sale during this protracted period, we are left to conclude that there is little if any prospect of any deal being completed and in these circumstances the Wednesdayite board has today decided to withdraw our offer to sell our shareholding to him/his consortium.
"This does not prevent him from obtaining his stated aim of a 29.9 per cent shareholding in SWFC through the three other major shareholders (Dave Allen, Keith Addy and Geoff Hulley] and it is a matter for them to make their own decisions in this regard.
"Should Mr Sheard be able to prove funds to the satisfaction of our legal advisers in the future, we would be happy to revisit the situation. However any such approach would require a...fresh member ballot, given the intervening developments, and in the meantime we feel it is important that ongoing efforts to secure fresh investment are not otherwise hampered.
"We feel it is necessary to provide this honest, if disappointing, assessment based on the facts as we know them and we hope members and the wider fan base will understand our decision, in that every opportunity has been afforded to Mr Sheard to complete the purchase of our shares.
"We are nevertheless still committed to our shareholding playing its part in a better future for the club and we have been active in trying to explore alternative potential solutions.
"In this respect, we will be writing to the club's board this week with a constructive proposal, seeking their agreement to involve the wider SWFC business community and fanbase in an alternative structure which, if supported, might provide the catalyst for a better future for SWFC."
Wednesdayite recently confirmed that they had entered into talks with four other parties
It is believed that two of those parties have now dropped out but two remain interested.
Meanwhile, Brian Laws has confirmed that Leon Clarke is in contention for his first home League start of the season against Plymouth tonight.
The Owls boss said: "Leon played the lone-striker role quite well at Birmingham on Saturday. He worked hard and looked bright. He's given himself half a chance."
But Laws is keeping his line-up under wraps and looks set to pick two from three strikers, Clarke, Deon Burton and Francis Jeffers, with Akpo Sodje probably on the bench.
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Friday 10 February 2012
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